Strong position in Austria, focused on growth in CEE

Austria and CEE are our two core markets. Both are crucial to the success and future potential of the UNIQA Group. While traditionally firmly anchored in Austria, we are pursuing a course of consistent growth in CEE.

Austria: Strong brand creates solid basis

For more than 200 years, we have been operating our insurance business in our domestic market of Austria. With a market share of around 21.4 per cent, we are the second-largest Austrian insurance company, and rank first in the health insurance segment. We support 3.7 million customers in Austria, either directly or through our banking and sales partner, Raiffeisen.

Our healthy market position is based on innovative products, an outstanding sales and distribution structure, and the strong brands of UNIQA and Raiffeisen. Solid macroeconomic data, a stable political environment and prudent regulation also allow us to be optimistic towards the future. The growth potential: on average, Austrians currently spend €1,960 each year on insurance. Compared with other Western European countries, this is still relatively low, especially given the high standard of living.

CEE: Economic growth is driving insurance density upwards

People in the CEE region are still far from insurance expenditures of this magnitude. CEE currently accounts for only around one third of the Group’s premiums, with an average annual premium per person of €216. But the region is catching up: in the more developed insurance markets such as the Czech Republic, Hungary, Poland and Slovakia, the average premium per person is about €400 and rising.

For us, this represents an attractive potential: already two thirds of our customers – nearly 6.8 million people – live in our markets in CEE. The region, with its population of around 155 million people – about 300 million if we include Russia – has experienced a noticeable economic recovery since 2016. And as the overall economic situation continues to improve, the insurance density is also increasing.

The reason is that, in addition to motor vehicle liability insurance which, as a mandatory insurance, has traditionally been the highest-selling product in CEE, there is now also a growing demand for household and homeowners insurance, as well as products for personal protection such as accident and health insurance.

We want to take advantage of this growth potential, and in doing so, we will also rely on our strong sales force and our proven partnership with Raiffeisen in CEE: our sales cooperation with Raiffeisen Bank International (RBI) gives us direct access to about 13.7 million Raiffeisen customers in twelve countries.

CEE shows great growth potential Insurance spending per person and year in euros

Insurance spending per person and year in euros